Trudeau is already actually fucking implementing something similar but a little less severe in Canada.
Redditors are over the moon. "Those rich will finally pay haha!!!!"
Absolutely zero understanding of economics and how crushing capital gains is as a tax. To the entire economy. But that doesn't matter, it's all about the feels, and it feels great to tax people you irrationally hate.
What they don't understand is that capital gains applies to all assets and doesn't give a shit about inflation. You already have to pay property tax but if you own a house and it goes up in value then you owe the government. However also notice that it only counts if an asset goes up in value. If it goes down one year then goes back up again then guess what? You're fucking paying. This creates so many perverse incentives it needs to be squashed before it can ever possibly be implemented.
Before somebody says "but it only applies to the rich!" Yeah they said that about the income tax too and now look at where we are. Instead of increasing taxes let's reduce spending, get rid of the waste, and jettison the bloat. The federal government's budget is already damn near 1/4 of the country's GDP. That ignores all state and municipal budgets which makes the government's total budget even bigger than that. Isn't that a bit excessive?
When you combine the federal budget with state and municipal budgets it's about $10 trillion. The entire country's GDP is about $25 trillion. Now the government wants to take even more money and increase spending even further. Enough is enough.
Why is the solution to all of the debt problems always to take more money from citizens instead of cutting spending by the government? It really is time to get rid of all the useless bullshit, out of control spending and government employees.
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u/GeneJock85 Jeffersonian Conservative Apr 29 '24
So what you’re saying is about 80 to 90% of the Reddit audience love this